While most people have some protection benefits in place it is probably true to say that they have approached protection, in the main, in a piece meal manner. This means that their protection arrangements are most likely not fit for purpose. For example can you honestly say that you are:
- Correctly insured – i.e. not over or under insured
- Have consider benefits on death, such as deferred pension plans, in your assessment of the amount of protection that you require
- Have established protection plans in the most efficient manner – i.e. from a tax relief or ownership point of view
By specifically quantifying your protection requirements it is possible to devise and implement a protection strategy which reflects the financial risk that you face at different stages of your life. This approach will not only ensure that you are correctly protected but that your plans are structured in the most tax efficient way.